Loans

Please go over the following checklist in advance of your loan meeting with Penn South Federal Credit Union personnel.

Be advised that if you do not come to your loan appointment fully prepared; we will not initiate loan processing until all of the required documents have been received and all of the required payments and deposits have been made.

Non-payment of the fees or deposit(s) will delay loan processing and cause you to lose your place in the queue.

Mortgage loan processing typically takes 5-6 weeks, so any delay may critically affect your timeline.

PENN SOUTH FEDERAL CREDIT UNION – LOAN PAYMENT FAQs HOW TO FIND YOUR PAYMENT AMOUNT & DUE DATE:
During your loan application process, you received the closing disclosure with the amount due (it is a schedule of all forecasted payments), the minimum monthly dollar amount due is listed on that document. Your due date is the same as your closing date. Your first due date is exactly one month from your closing date and every month thereafter until the loan balance has been satisfied. As a small, part-time credit union, we do not send out bills. Please ensure your monthly payments are received by your due date.
TO MAKE MANUAL PAYMENTS
  • Draft a check or money order in the amount of your monthly minimum [or more if you prefer| to Penn South Federal Credit Union (PSFCU for short). Please make sure to write your Account # in the memo of your check.
  • Manual payments can be made one of two ways:
    • U.S. Mail – please allow enough time for your payment to reach us by your due date. Penn South Federal Credit Union 321 Eighth Avenue, NY NY 10001. Mailed payments will be credited to your account using the date after the postmark date on the envelope.
    • In-Person – you can drop off your payment at PSFCU during office hours:
      • Wednesdays from 5:15- 7:30 p.m.
      • Sundays from 10 a.m. – 12:30 p.m.
Please make sure you receive a date-stamped receipt.
NEVER DROP YOUR LOAN PAYMENT IN THE MAINTENANCE BILL DROPBOXES
Those are only to be used for your monthly maintenance bill from the Housing Corp. Anything placed in them will be sent to the Housing Corp’s billing agency and deposited into the wrong account. We are not responsible for payments which are placed in the Housing Corp’s dropboxes.
CASH PAYMENTS
Cash payments may be accepted only in person (handed off to the Teller during Credit Union hours).
AUTO-PAY INSTRUCTIONS: after your loan closing, drop by our office during credit union hours after the closing with a blank/voided check and fill out the Credit Union’s autopay form. Select a date (at least 4 business days before due date) that you’d like the funds to be withdrawn. Upon completion of the form, the voided check is stapled to the form. The application is then submitted to the bookkeeper to forward to the automatic billing company. From that point, it typically takes two to three months for the automatic payments to take effect (so you’ll have to make [2-3] manual payments in the interim). You will get a slip in the mail once the auto-pay takes effect, but keep checking your bank balance (between the 1st & the 10th) that month to ensure that is has been deducted.
DISTINCTION RE: DUE DATE vs AUTOPAY DATE
Your payment is DUE on the same date as the closing(initiation date/first payment= 1 month after closing), but your auto-pay date is scheduled independent of that fact you should keep the due date in mind when scheduling the deduction date, and make sure that is falls before the due date, but Auto-payments can only come out within a certain date range [the first 10 days of the month] so you will not always be able to match the exact due date.
LOAN FEES:
Mortgage Loan for Joint Applicants:
Application Fee: Joint $600
Underwriting Fee $600
Credit Report Fee joint $117.50
Debt Cancellation Contract:  $200 (Optional)
$600 Application Bridge Fee ( optional if  a bridge loan is added)
UCC3: $150
Lawyer Fee: $600
Minimum deposit for opening member account, Joint $100
Upon Closing one month mortgage should be in the account as security deposit until loan is paid off.
Mortgage  Single Applicant:
Application Fee:  Single $300
Underwriting Fee $600
Credit Report Fee Single $58.75
Debt Cancellation Contract:  $200 (Optional)
$300 Application Bridge Fee (optional if add a bridge loan is added)
UCC3: $150
Lawyer Fee: $600
Minimum deposit for opening member account Single $50
Upon Closing one month mortgage should be in the account as security deposit until loan is paid off.
 
Bridge Loans Only Single Applicant:
$300 Application and Underwriting Fee, Single.
Bridge Loans Only Joint Applicant:
$500 Application and Underwriting Fee, Joint.
Cosigners ( if needed):
Application Fee:  Single $300
Underwriting Fee: $600
Credit Report Fee $58.75